Romanian Industry Starts Recovery

Romanian pharmaceutical production in 1994 was still only 83% of the 1989 production figure, reports the daily newspaper Curierul National. The industry employed 9,888 people last year and drug exports were worth $40 million. Average profitability in the sector is said to be 16.5%.

A wide-ranging restructuring program is underway to provide domestically at least 65% of the country's drug requirements by the year 2000. Last year, the industry reportedly produced 40%. Curierul national says the program will cost about $231 million. Plans for the privatization of the industry include the sale of shares by tender for a minimum 20% to western companies and cooperation with foreign firms to import new technologies and to establish a strong financial base for the industry. Joint ventures with major multinationals are also envisaged.